JamesG1
Expert Alumni

Deductions & credits

If the IRS form 1099-INT and IRS form 1099-DIV include foreign taxes paid, you may remove those taxes.  

 

IRS form 1099-INT taxes are found in box 6.  IRS form 1099-DIV taxes are found in box 7.

 

Or you may leave the taxes in place and compute the Foreign Tax Credit on IRS Form 1116.  In TurboTax Premium Online, follow these steps:

 

  1. Down the left side of the screen, click Federal.
  2. Down the left side of the screen, click Deductions & credits.
  3. Click the down arrow to the right of Estimates and Other Taxes Paid.
  4. Click to the right of Foreign Tax Credit.
  5. Follow the screens to see whether you qualify for the credit or deduction.

@AlAnn 

 

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